The Cut and Paste icons were a redundant and unnecessary option.

You can still highlite your text then use the normal cut and paste procedures. 

Cntl+A = Highlight All
Cntl+C = Copy
Cntl+V = Paste
Cntl+X = Cut   
Cntl+Z = Undo last operation
Cntl+Y = Redo last operation

These are all "standard" shortcuts used nearly everywhere..